As someone unfamiliar with the Kensington conveyancing process what is the number one tip you can give me concerning the home moving process in Kensington
Not many law firms or advisers will tell you this but conveyancing in Kensington and elsewhere in England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there exists plenty of opportunity for friction between you and other parties involved in the home moving process. For instance, the vendor, estate agent and even potentially a bank. Choosing a law firm for your conveyancing in Kensington should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the process whose responsibility is to act in your legal interests and to protect you.
Sometimes a third party with a vested interest will try and convince you that it is in your interests to do things their way. For instance, the property agent may claim to be assisting by claiming that your lawyer is dragging his heels. Or your financial adviser may try to convince you to do something that is against your lawyers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
We're in Kensington, First time buyers buying with a mortgage (lender is UBS , and our solicitor is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am being told by my lawyer that restrictive coveneant insurance is required on my purchase. What is the level of cover for Kensington conveyancing?
The right level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Skipton Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
Are all Kensington Conveyancing Quality Solicitors on the Nottingham conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
When it comes to lenders such as Santander, do Kensington property lawyers face an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
How does conveyancing in Kensington differ for newly converted properties?
Most buyers of new build residence in Kensington come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Kensington tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Kensington or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Kensington ahead of appointing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some lenders will refuse to grant a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. If you e-mail us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Kensington. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a couple of maisonettes in Kensington both have approximately fifty years unexpired on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Kensington is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and banks, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Kensington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
After years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Kensington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the price.
An example of a Lease Extension case for a Kensington residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The unexpired term was 37.79 years.